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Link: wsj.com
Article quote:
General Motors Corp. and Chrysler LLC are accelerating merger discussions amid strong support from potential lenders that are eager to see a deal done.
GM, set to report dismal third-quarter earnings in coming weeks and scrambling to find new sources of funding, is aiming to get a deal done as early as the end of October, according to people familiar with the matter.
Link: http://www.cnbc.com//id/27228423?__source=yahoo|headline|quote|text|&par=yahoo
Merger talks between General Motors and privately held Chrysler are moving at a faster pace as potential lenders have thrown their support behind a deal between the two U.S.-based automakers, CNBC has learned.
People close to the situation have told CNBC that the automakers plan to either reach a deal within the next two weeks or abandon the talks. The key to any deal: Getting GM to embrace whatever conditions Cerberus Capital Management, which owns Chrysler, is pitching.
No details were available about how such a deal would be structured, but the people at both firms believe there would be big advantages to combining their equity. They also think a merged entity would find it easier to raise capital—possibly from the U.S. government.
The Detroit automakers would hope to receive expedited antitrust approval for any merger, sources said.
JPMorgan Chase, a big holder of Chrysler bank debt, is also pushing for the deal, the Wall Street Journal reported Thursday.
Link: http://biz.yahoo.com/rb/081016/business_us_chrysler_talks.html?.v=2
Chrysler assets under consideration for purchase by GM include Chrysler's top-selling minivan line, a market segment Chrysler pioneered almost 25 years ago, and its truck-production facility in Mexico, one of the sources said.
Link: http://www.reuters.com/article/marketsNews/idINN1647394020081017?rpc=44
NEW YORK, Oct 16 (Reuters) - Private equity firm Cerberus Capital Management CBS.UL is nearing a deal to buy Daimler AG's (DAIGn.DE: Quote, Profile, Research, Stock Buzz) remaining stake in Chrysler LLC, sources familiar with the talks said.
Cerberus is in talks with various automakers including General Motors Corp and Renault SA involving alliances or a sale of all or part of Chrysler, sources have told Reuters.
Any such deal would hinge on Cerberus acquiring the 19.9-percent stake of the third-largest U.S. automaker it does not already own, the sources said.
Daimler has no interest in participating in a merger between Chrysler and another automaker, a person familiar with the German automaker's planning said earlier this week.
Article quote:
General Motors Corp. and Chrysler LLC are accelerating merger discussions amid strong support from potential lenders that are eager to see a deal done.
GM, set to report dismal third-quarter earnings in coming weeks and scrambling to find new sources of funding, is aiming to get a deal done as early as the end of October, according to people familiar with the matter.
Link: http://www.cnbc.com//id/27228423?__source=yahoo|headline|quote|text|&par=yahoo
Merger talks between General Motors and privately held Chrysler are moving at a faster pace as potential lenders have thrown their support behind a deal between the two U.S.-based automakers, CNBC has learned.
People close to the situation have told CNBC that the automakers plan to either reach a deal within the next two weeks or abandon the talks. The key to any deal: Getting GM to embrace whatever conditions Cerberus Capital Management, which owns Chrysler, is pitching.
No details were available about how such a deal would be structured, but the people at both firms believe there would be big advantages to combining their equity. They also think a merged entity would find it easier to raise capital—possibly from the U.S. government.
The Detroit automakers would hope to receive expedited antitrust approval for any merger, sources said.
JPMorgan Chase, a big holder of Chrysler bank debt, is also pushing for the deal, the Wall Street Journal reported Thursday.
Link: http://biz.yahoo.com/rb/081016/business_us_chrysler_talks.html?.v=2
Chrysler assets under consideration for purchase by GM include Chrysler's top-selling minivan line, a market segment Chrysler pioneered almost 25 years ago, and its truck-production facility in Mexico, one of the sources said.
Link: http://www.reuters.com/article/marketsNews/idINN1647394020081017?rpc=44
NEW YORK, Oct 16 (Reuters) - Private equity firm Cerberus Capital Management CBS.UL is nearing a deal to buy Daimler AG's (DAIGn.DE: Quote, Profile, Research, Stock Buzz) remaining stake in Chrysler LLC, sources familiar with the talks said.
Cerberus is in talks with various automakers including General Motors Corp and Renault SA involving alliances or a sale of all or part of Chrysler, sources have told Reuters.
Any such deal would hinge on Cerberus acquiring the 19.9-percent stake of the third-largest U.S. automaker it does not already own, the sources said.
Daimler has no interest in participating in a merger between Chrysler and another automaker, a person familiar with the German automaker's planning said earlier this week.
